Ellucian starts roadshow for $590 million eight-year notes for buyout; investor call Wednesday

By Paul A. Harris

Portland, Ore., Sept. 16 – Sophia LP, also known as Ellucian, began a roadshow on Wednesday in New York for a $590 million offering of eight-year senior notes (Caa2/CCC+), according to a syndicate source.

The roadshow continues on Thursday in Boston.

An investor call is scheduled for noon ET on Wednesday.

The Rule 144A with registration rights offering is set to price on Friday or Monday.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc. and Jefferies LLC are the joint bookrunners.

The notes come with three years of call protection.

Proceeds will be used to help fund the buyout of the Fairfax, Va.-based provider of higher education software and services by TPG Capital and Leonard Green Partners from Hellman & Friedman and JMI Equity, and to repay debt.

The initial issuing entity will be Ensemble S Merger Sub, Inc. After the buyout the issuing entities will be Sophia LP and special purpose vehicle Sophia Finance, Inc.

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